Ategrity Specialty Insurance Co Holdings

Stockholders’ equity

As of June 30, 2025, total stockholders’ equity was $559.7 million compared to $398.3 million total stockholders’ equity as of December 31, 2024. The $161.4 million increase in total stockholders’ equity over the prior year end balance was primarily driven by the issuance of common stock as part of our initial public offering, net profits generated during the period and a $20.0 million contribution by ZFSG.

Investment portfolio

Our cash and invested assets consist of fixed-maturity securities, cash and cash equivalents, short-term investments, loans to affiliate, and the Utility & Infrastructure Investments.

The table below presents our cash and invested assets as of June 30, 2025 and December 31, 2024:

NM = Percentage not meaningful.

At June 30, 2025, and December 31, 2024, $23.5 million and $26.6 million, respectively, represented the cash and cash equivalents portion of our total cash and invested assets of $978.8 million, $802.0 million, respectively.

At June 30, 2025, and December 31, 2024, $419.2 million and $438.8 million, respectively, of our total cash and invested assets was comprised of fixed-maturity securities that are classified as available-for-sale and carried at fair value with unrealized gains and losses on these securities, net of any deferred taxes, reported as a separate component of accumulated other comprehensive income. Also included in our investment portfolio at June 30, 2025 and December 31, 2024, were $251.9 million and $52.6 million of short-term investments. Our fixed-maturity and short-term securities had a weighted average duration of 3.3 years and 3.8 years, respectively, and an average rating of “A”, “A-”respectively, at June 30, 2025 and December 31, 2024. Our fixed-maturity and short-term securities portfolio had a book yield of 5.3% at June 30, 2025 and 5.7% at December 31, 2024.

At June 30, 2025, the amortized cost and fair value of our fixed-maturity securities and short-term investments were as follows:

At December 31, 2024 , the amortized cost and fair value of our fixed-maturity securities and short-term investments were as follows:

The amortized cost and fair value of our available-for-sale investments in fixed-maturity securities summarized by contractual maturity as of June 30, 2025, were as follows:

Actual maturities may differ from contractual maturities because some borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

At June 30, 2025 and December 31, 2024, $166.1 million and $270.2 million, respectively represented the investments in the Absolute Return Utility & Infrastructure Fund with fair values measured using our interest in the unadjusted net asset value (“NAV”) as reported annually by the Investment Manager in the audited financial statements of the Absolute Return Utility & Infrastructure Fund and quarterly in the fund’s unaudited financial statements. The Utility Limited Partnership operates as a feeder fund in a “master-feeder” structure, in which the Utility Limited Partnership invests substantially all of its assets in the Absolute Return Utility & Infrastructure Fund. At June 30, 2025 and December 31, 2024, we invested 17% and 34%, respectively, of our total cash and invested assets in the Absolute Return Utility & Infrastructure Fund through the Utility Limited Partnership.

The Absolute Return Utility & Infrastructure Fund investment objective is to employ an energy and infrastructure- focused long/short strategy which seeks to deliver absolute returns in all market conditions with minimal correlation to energy sector indices and broader market indices. The Absolute Return Utility & Infrastructure Fund invests primarily in the equities of electric and gas utilities, integrated utilities, water utilities, telecommunication companies, independent power producers and pipelines, exploration and production companies, oilfield service companies, and more broadly in energy and infrastructure-related industries (such as chemicals, materials, transportation infrastructure, and real estate equities). We value our investment in the Absolute Return Utility & Infrastructure Fund at fair value, which is estimated based on our share of the NAV of the Absolute Return Utility & Infrastructure Fund, as provided by the Investment Manager.

The Absolute Return Utility & Infrastructure Fund invests in equity securities and related instruments and derivatives, and fixed income, comprising 95.9% and 4.1%, and 94.4% and 5.6% of gross investments, respectively, as of June 30, 2025, and December 31, 2024. As of June 30, 2025 and December 31, 2024, the following table summarizes the sectors of the Absolute Return Utility & Infrastructure Fund’s gross assets:

(1) Amounts presented are subject to rounding adjustments and, as a result, the totals may not sum.